prescribed under Section 46 is only for avoiding an undervalued transaction
which provision does not cover a fraudulent transaction as referred to in
Section ... Regulation 35A of the CIRP Regulations are to
be annulled, the undervalued and fraudulent transactions will go out of
the reach of Resolution Process, reach
direct, cogent and acceptable
evidence. Thus, it was not a case of undervaluation. Since the duty had been
paid before issuance of show-cause notice ... mentioned in the diary. In respect of seven invoices found to be undervalued,
duty was calculated on the basis of a higher rate quoted
issued a report(s) to Respondent No. 1
containing particulars of preferential, undervalued, fraudulent and
extortionate transactions entered into by DHFL, which could ... filed nine applications before the Hon'ble
NCLT regarding preferential, undervalued, and Fraudulent Transactions
defrauding creditors, fraud & wrongful trading. As of date
Stamp Act and Section 3 of the West Bengal
Stamp (Prevention of Undervaluation Instruments) Rules, 2001
holding that once the sale is affected ... Stamp
Act and Rule 3 of the West Bengal Stamp (Prevention of
Undervaluation Instruments) Rules, 2001 are applicable. By an
order dated July
Department appear to have been of the view that
the petitioner has undervalued its products and consequently the pricing so as to
avail the benefit ... prices; that is to say, where the sales have been undervalued so as to gain
an unfair benefit and evade payment
various advantages
and disadvantages and arrived at the conclusion that the undervaluation is
Gauri Gaekwad
6/19 902.WP-439-2009.doc
more than ... This has been resorted only to arrive
at a conclusion that the undervaluation is more than 15%. This is because
even in the non-comparable
issued a report(s) to Respondent No. 1
containing particulars of preferential, undervalued, fraudulent and
extortionate transactions entered into by DHFL, which could ... filed nine applications before the Hon'ble
NCLT regarding preferential, undervalued, and Fraudulent Transactions
defrauding creditors, fraud & wrongful trading. As of date
Directorate of Revenue Intelligence received intelligence that
certain importers were undervaluing iron screws/self drilling
screws/chipboard screws and power tools. Acting upon the
intelligence ... that they deliberately declared lower value of
the imported goods and submitted undervalued invoices and sent
the differential value between the declared price
documents etc., that no case has been
made that the goods are undervalued on account of the
value of identical or similar goods, or that ... entered into by the importer in
routing the invoices through Taiwan for undervaluation.
The validity and accuracy of the invoices recovered
from the premises
accounts, however, raising bills / invoices only for faculty fees
was nothing but undervaluation of services."
2.3 Revenue was of the that entire expenses booked ... indicated in the table below:
PY Revenue from Expenses debited Undervaluation Service Service Tax
Operations in P & L Account of Service Tax @ % payable
